Saturday, November 13, 2010

Lenfest gabs

Philadelphians, HF Gerry and Marguerite Lenfest, were one of 40billionaires that signed on to Warren Buffett and Bill Gates’ charitypledge. The pledge requires the signer to give more than half theirwealth away. Larry Ellison of Oracle and former Philadelphian RonPerelman also signed the pledge.

Gerry Lenfest, who took home $1.6 billion after the sale of his cablecompany to Comcast, said, “When Warren called, it was very easy for usto agree. Marguerite and I have already given away more than half ofour wealth.”

Marguerite Lenfest shook her head in agreement, "We thinkit is bad to leave that much wealth to your children. All that moneywould rob them of the incentive to do anything with their lives. It isnot surprise that the couple did a joint interview. They do almosteverything together including starting their cable empire.

Gerry Lenfest said, “We are having too much fun giving our wealth awayto save any for later.” Marguerite Lenfest added, “We also do not planto have our foundation last for perpetuity, only for the next 30years. After that, the foundation could outlive its original purpose." Friends say that thebitter fight over the Barnes foundation, which the Lenfests wereinvolved with, influenced their plans to give their foundation afinite life.

Gerry Lenfest praised his wife, “Warren said that Marguerite had thebest plan. Marguerite told him that people should figure out what theyneed; how many cars etc. Then, they should give the rest away." These billionairespractice what they preach. They live without air conditioning in their original house that was purchased in 1965.

In bad news for Philadelphia, Gerry Lenfest said, "We are almost donegiving our money away. We have given away more than $800million.”Marguerite Lenfest stressed, “We can only give toorganizations not individuals. It would be too hard to distribute themoney if we were giving to individuals.”

The couple, who have given the most in donations to this region exceptfor the Annenbergs, is actively involved in recruiting otherbillionaires to sign the pledge and are planning to attend a strategydinner hosted by Warren Buffett and Bill Gates. Gerry Lenfest, whosimultaneously chairs the Board of Trustees for the PhiladelphiaMuseum of Art, the Curtis Center, and the American Revolution Center,said, "We are always talking up the pledge."